Stocks fell Friday as Wall Street wrapped up one of its worst weeks in months and traders reacted to ugly earnings warnings from FedEx about the global economy.
The Dow Jones Industrial Average fell 139.40 points (0.45%) to close at 30,822.42. The S&P 500 ended the weekend at 3,873.33, down 0.72% for him. The Nasdaq Composite closed 0.90% lower at 11,448.40. The S&P 500 and Nasdaq had their worst week since June.
FedEx stock plunged 21.4%, its worst drop ever. This comes after the shipping company withdrew its guidance for the full year and said it would implement cost-cutting efforts to address weak global shipments amid a “significant deterioration” in the global economy.
Transportation stocks are usually seen as leading indicators for stock markets and the economy, with FedEx citing a downturn in Asia as one of the main reasons for the negative outlook. Shares of shipping rivals UPS and XPO Logistics fell about 4.5% and 4.7%, respectively, while Amazon’s shares fell 2.1%.
FedEx’s announcement comes on the heels of higher-than-expected inflation reports in the U.S. on Tuesday, raising fears the Federal Reserve may be forced into a recession to keep prices down. . With this data, the Dow Jones Industrial Average fell more than 1,200 points.
“While the U.S. economy is grappling with its own set of very serious problems, there are many uncertainties about how the global economy will affect the U.S. economy right now,” Currie Cox said. I think I woke up to the dynamics.” , US Investment Analyst at eToro.
The top 3 averages fell for the fourth straight week in five weeks, making the summer comeback rally increasingly look like a bear market rally. The Dow Jones Industrial Average fell 4.1% this week. The S&P 500 is down 4.8% for him, and the Nasdaq Composite is down about 5.5%.
Lea la cobertura del mercado de hoy en español aquí.
